My Tradewinds

Golden Energy buying OSV owner GEOM

Norwegian company follows vessel purchases with deal for compatriot company.

Norway's Golden Energy Offshore Services (GEOS) has struck a deal to buy the owner of four OSV vessels it is already acquiring.

The Oslo-listed company said it had agreed the acquisition of Golden Energy Offshore Management (GEOM) with Golden Energy Offshore Management Holdings (GEOMH).

It is paying $5m through new GEOS shares and the deal is subject to the successful purchase of four OSVs from GEOM announced earlier this year.

Golden Energy stretches PSV charter

The transaction is also conditional on the share issue being approved by shareholders and the completion of a capital raise to acquire the four ships.

GEOS revealed earlier this year it was in exclusive talks to buy the 3,800-dwt construction and inspection units Larissa and Despina (both built 2011), having already acquired the rights to two MPSVs under construction at Nantong Rainbow Offshore & Engineering, Energy Duchess and Energy Empress.

CEO Per Ivar Fagervoll said: “I am very pleased that we have been able to reach an agreement to include Golden Energy Offshore Management into the Golden Energy Offshore Services sphere.

"Being the manager of the company’s vessels, and also of any new vessels in addition to the prospective new vessels Energy Duchess, Energy Empress, Larissa and Despina, Golden Energy Offshore Management is a natural inclusion in GEOS which we believe will add value for our shareholders.

"In addition to performing management for the company, GEOM performs management for other customers which we believe would further strengthen the position of the company through a diversification of the business.

"We are, and continue to be, committed to create additional shareholder value in the company for the benefit of existing and new investors.”

Golden Energy buying OSV owner GEOM

Golden Energy buying OSV owner GEOM

Norwegian company follows vessel purchases with deal for compatriot company.

Norway's Golden Energy Offshore Services (GEOS) has struck a deal to buy the owner of four OSV vessels it is already acquiring.

The Oslo-listed company said it had agreed the acquisition of Golden Energy Offshore Management (GEOM) with Golden Energy Offshore Management Holdings (GEOMH).

It is paying $5m through new GEOS shares and the deal is subject to the successful purchase of four OSVs from GEOM announced earlier this year.

Golden Energy stretches PSV charter

The transaction is also conditional on the share issue being approved by shareholders and the completion of a capital raise to acquire the four ships.

GEOS revealed earlier this year it was in exclusive talks to buy the 3,800-dwt construction and inspection units Larissa and Despina (both built 2011), having already acquired the rights to two MPSVs under construction at Nantong Rainbow Offshore & Engineering, Energy Duchess and Energy Empress.

CEO Per Ivar Fagervoll said: “I am very pleased that we have been able to reach an agreement to include Golden Energy Offshore Management into the Golden Energy Offshore Services sphere.

"Being the manager of the company’s vessels, and also of any new vessels in addition to the prospective new vessels Energy Duchess, Energy Empress, Larissa and Despina, Golden Energy Offshore Management is a natural inclusion in GEOS which we believe will add value for our shareholders.

"In addition to performing management for the company, GEOM performs management for other customers which we believe would further strengthen the position of the company through a diversification of the business.

"We are, and continue to be, committed to create additional shareholder value in the company for the benefit of existing and new investors.”

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